Live updates: follow the latest news on Russia-Ukraine
A group of Ukrainian orphans taken from their war-torn country by a Scottish charity can travel to the UK, Home Secretary Priti Patel has said.
Ms Patel said the 48 children, who were taken out of Ukraine and into Poland by the Dnipro Kids organisation, have been given approval to travel to Britain.
Scottish National Party Westminster leader Ian Blackford raised their plight in the House of Commons on Wednesday, saying that the Home Office was the “only obstacle” in bringing them to the safety of the UK.
“It is deeply troubling that children from the charity Dnipro Kids have been caught up in Putin’s brutal invasion of Ukraine," Ms Patel said on Thursday.
“I have been working directly with the Ukrainian government and asked for their permission to bring these children to the UK.
“I am extremely grateful to the authorities in Ukraine, who have now confirmed to me that the children can come here.
“We are working urgently with Poland to ensure the children’s swift arrival to the UK."
Dnipro Kids, which was established by fans of Hibernian Football Club, took the children from its orphanage in Dnipro after the Russian invasion.
“I’m absolutely delighted that we’ve managed to achieve this breakthrough and that, all things being well, Scotland will welcome 48 Ukrainian children and their guardians to safety on Monday,” Mr Blackford said.
“While this process has been more difficult than it needed to be, all that matters now is that these children will be in a place of safety and I am pleased beyond words.
“I want to pay tribute to everyone who has worked hard to make this happen, including the Scottish charity Dnipro kids, the Ukrainian and Polish authorities, the Scottish government, Edinburgh City Council and all those who have helped to resolve issues at the Home Office.
“It’s essential that the UK government learns lessons and removes unnecessary barriers and delays to supporting displaced children and families.
“Not all children will be in the position of having guardians and adults to support them, and the Home Office must ensure there are safe, smooth and quick ways for them to access visas and reach safety.
"It’s far from clear to me how that can happen under the present system."
Scottish Secretary Alister Jack said: “It is great news that the Dnipro Kids will soon be on their way to Scotland," said Scottish Secretary Alister Jack.
“We have all been moved by their story and I’m very glad the UK government was able to move so quickly to smooth their passage here.
“I’m very grateful to the Hibs fans’ Dnipro Kids charity and all others involved in getting the children out of Ukraine safely.
"Scotland has a proud history of supporting refugees, and I’m sure these young people will be made incredibly welcome when they get here.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|